CBIT is an outcome of the UNFCCC’s Paris agreement in 2015 and expected to address the issue of transparency
Objectives:
- To help developing countries monitor and report the progress on their climate actions
- Strengthening of national institutions of participating members in transparency related activities with respect to the Nationally Determined Contributions
- To bring transparency in the financial help, technology transfer and capacity building support by the developed countries to developing countries. Both have to provide relevant information
Design:
- The fund will be set up by the GEF, with financial support from the developed nations like US, UK, Canada etc.
- World Bank has been requested to act as the trustee for the fund, who was also a trustee in the initial hand holding of GEF
Significance:
- Many developing countries lack the necessary capacity to monitor and report their progress on the front of INDCs
- This fund helps developed countries to take on board the developing countries in developing their domestic capacities leading to transparent mechanisms in reporting the progress